Get Annual plan at only Rs 289. There has been no impact on oil processing, while gas has been diverted to its plant in Hazira in Gujarat, company said.
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Shares of Oil and Natural Gas Corporation (ONGC) slipped 3 percent intraday on September 3 after a major fire broke out at the company's Uran plant in Maharashtra.
The Uran complex processes the gas produced at Bombay High. The company has gas sweetening unit (processing) at Uran of 15 mmscmd, which is 21%/27% of the total gas production/sales.
There has been no impact on oil processing, while gas has been diverted to the ONGC plant in Gujarat's Hazira, ONGC said.
According to Yogesh Patil, Research Analyst, Reliance Securities, oil processing was not affected, while the gas would be processed at Hazira. They did not foresee see a major impact of the fire on ONGC gas sales in 2QFY19, he said, maintaining a positive view on stock.
At 1352 IST, ONGC was quoting at Rs 117.30, down 3.2 percent, on the BSE.Subscribe to Moneycontrol Pro and gain access to curated market data, trading recommendations, stock analysis, investment ideas and insights from market gurus. Now, get Moneycontrol PRO for 1 year at Rs 289. Use code FREEDOM.
First Published on Sep 3, 2019 02:02 pm
